CMA: Payday Lending Market Investigation Order 2015 Revoked

• The Payday Lending Market Investigation Order 2015 was formally revoked by the Competition and Markets Authority on November 4, 2026.
• This revocation means the specific obligations imposed on online and high street payday lenders are no longer in force.
• The original order was issued under the Enterprise Act 2002 to address a lack of price competition and high costs for borrowers.
• Key requirements of the order included a "Summary of Borrowing" template and a "Guide for lenders."
• The order's removal from the register of remedies impacts compliance requirements for UK payday lenders.

The formal revocation of the CMA payday lending order on November 4, 2026, signifies a notable change for the UK payday lending market.

The Competition and Markets Authority (CMA) formally revoked the Payday Lending Market Investigation Order 2015 on November 4, 2026. This decision followed the CMA's comprehensive review of the order, marking its official removal from the register of remedies that are currently in force. Consequently, the specific obligations previously mandated by this order for both online and high street payday lenders are no longer legally binding.

The revocation means that the regulatory framework for payday lending in the UK has shifted, requiring industry participants to reassess their compliance strategies. The original order had been a key component of the CMA's efforts to address identified issues within the sector, and its cessation signals a new phase in the oversight of payday lending regulations UK.

The Payday Lending Market Investigation Order 2015 was initially established under the market investigations provisions of the Enterprise Act 2002. This legislative foundation empowered the CMA to intervene in markets where competition issues were identified, aiming to protect consumers and foster a more equitable trading environment. The CMA payday lending market investigation specifically uncovered a significant deficiency in price competition among lenders.

This lack of competitive pressure was determined to be a primary factor contributing to elevated costs for borrowers, creating a disadvantage for consumers seeking short-term credit. The 2015 order was therefore conceived as an integral part of a broader package of remedies, strategically designed to mitigate these identified problems and introduce greater fairness into the payday lending sector.

Prior to its revocation, the Payday Lending Market Investigation Order 2015 imposed a series of new obligations on payday lenders operating across both online platforms and traditional high street branches. These requirements were multifaceted, aiming to enhance transparency and improve consumer understanding of financial products. Key elements included the provision of a "Summary of Borrowing" template, which was developed to standardize the information and its format presented to payday lending customers.

The goal of this template was to simplify the complex details of payday loans, making it easier for borrowers to comprehend the terms and conditions of the products they were utilizing. Additionally, the order led to the creation and dissemination of a "Guide for lenders," and introduced an "Obligation to Publish Date," further structuring the operational requirements for lenders. These measures were crucial in shaping the conduct of UK payday lenders during the period the order was in effect.

The formal revocation of the CMA payday lending order on November 4, 2026, signifies a notable change for the UK payday lending market. While the overarching regulatory landscape continues to evolve, the specific mandates of this particular order are no longer applicable. This means that UK payday lender obligations 2026 onwards will no longer include the direct requirements stemming from the 2015 order.

For legal professionals advising lenders, this development necessitates a thorough review of existing compliance frameworks. The removal of the order from the register of remedies in force under the Enterprise Act 2002 means that while broader consumer protection principles remain, the precise mechanisms for information disclosure and operational conduct previously outlined by the order are now defunct. This shift underscores the dynamic nature of financial regulation and the need for continuous adaptation by market participants.

Lawyers advising payday lenders in the UK should note that the specific obligations imposed by the Payday Lending Market Investigation Order 2015 are no longer in force as of November 2026. This impacts compliance requirements and risk assessments, requiring a review of current practices against any remaining or new regulatory frameworks.

Source: Original reporting via GOV.UK guidance.